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Share your views on Draft Gold Monetization Scheme

Share your views on Draft Gold Monetization Scheme
Start Date :
May 19, 2015
Last Date :
Jun 02, 2015
17:00 PM IST (GMT +5.30 Hrs)
Submission Closed

The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement: “India is one of the largest consumers of gold in the world and imports as ...

The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement: “India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year. Though stocks of gold in India are estimated to be over 20,000 tonnes, most of this gold is neither traded, nor monetized. Keeping this in view, the government in Budget 2015-16 has announced the Gold Monetization Scheme which will replace both the present Gold Deposit and Gold metal Loan Schemes. The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account. Banks/other dealers would also be able to monetize this gold”.

Accordingly, a draft outline of the Scheme has been prepared. Comments and views are invited on the Draft Gold Monetization Scheme.

Draft Gold Monetization Scheme (The outline of the Gold Monetization Scheme placed below is only at the draft stage and is being placed here to obtain public opinion. The scheme as it stands at this stage, does not imply any commitment from the government)

The last date to share your views is 2nd June, 2015 by 5:00 p.m.

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Showing 566 Submission(s)
Devendra Shah_1
Devendra Shah_1 11 years 1 month ago
Though the Gold Monetization Scheme is very good but the success depend on the following vital point. 1. Though it is provided in the draft scheme that no inquiry will be made about the Source of Income from which the Gold it purchased. IN PAST UNDER VOLUNTARY DISCLOSURE SCHEME (VDS) IN SPITE OF GOVERNMENT PROMISE THAT NO INQUIRY SHALL BE MADE WITH REGARD TO VDS, EVEN THOUGH THE INCOME TAX DEPARTMENT HAD OPENED ALL THE FILES SO THE RELIABILITY OF THE IMPLEMENTATION OF SCHEME IN RIGHT SPIRIT IS
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Lalit Deora
Lalit Deora 11 years 1 month ago
This scheme is much more than depositing gold. It will give customer respite from heavy loss incurred when selling jewellery to local jewelers, due to customers lack of capability to evaluate quality and quantity of gold. Often this loss runs in 10% of value. Now customer will have option to melt their jewellery at trusted place. I know this step will hurt small jewelers whose business runs on pawning and buying used jewellery, but that's ok. Only suggestion I have is to increase ROI to 3%
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Ankit Patel_10
Ankit Patel_10 11 years 1 month ago
Gold monetization scheme will help for boom economy in India and for liquidity also.Also Govt. will have to ensure consumer gold safety and transfer to liquid as it require.Government must advertise and request to all temples,trust(NGOs),people of india to submit preserved stored gold.Also Government must tell the temples,trust(NGO),people for not buy unnecessary gold.Government must tell to temples,NGOs ,that if they really wish to remove poverty, they can serve food,cloths to poor etc.
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Amit Srivastava
Amit Srivastava 11 years 1 month ago
अाम जनता के साथ-साथ सत्ता पक्ष एवं विपक्ष के सभी राजनीतिज्ञाें काे इस याेजना में बढ़-चढ़ कर हिस्सा लेना चाहिए।क्याेंकि स्वर्ण का एक बड़ा हिस्सा सत्ता पक्ष एवं विपक्ष के सभी राजनीतिज्ञाें एवं इनके परिवारीजनाें के पास निष्प्रयोज्य पड़ा है। डी बी टी एल (DBTL) याेजना के तहत बडी़ संख्या में सत्ता पक्ष एवं विपक्ष के राजनीतिज्ञाें ने सब्सिडी (Subsidy) को छोड़ कर एक अच्छी मिसाल कायम की है।अाशा है इस याेजना काे भी सफल बनाने में सत्ता पक्ष एवं विपक्ष के सभी राजनीतिज्ञाें का सहयाेग मिलेगा।
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Sandeep Sethi
Sandeep Sethi 11 years 1 month ago
Sir, please also start new scheme's with "E-GOLD" with simple terms & conditions not like as, melting of jewelry..with attractive rate of interest. I think, this will fulfill purpose of "GOVT OF INDIA", i.e. reduction in import of GOLD. Secondly, peoples of India will gets benefits like safety, security and rate of interest. In my view, this will be beneficial for "GOVT. OF INDIA" and as well as for "PEOPLE'S OF INDIA"...
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Shambhu Jha
Shambhu Jha 11 years 1 month ago
1. KYC Norms should be liberal 2. Redemption should be easy and paid within an hour 3. Re-consider melting of gold, melting will discourage the common man 4. Minimum quantity of Gold should be 10 Grams for Rural area and 20 Grams for Urban area
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Sandeep Sethi
Sandeep Sethi 11 years 1 month ago
The purpose of bringing out household gold out is not going to to effectively because of MELTING OF JEWELRY IS NOT ACCEPTABLE BECAUSE OF PEOPLE'S MINDSET, so please also consider this in made draft.
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Sandeep Kumar
Sandeep Kumar 11 years 1 month ago
I think that submitting gold to bank is good but it is wrong to change the state from ornaments to coins or biscuit. You may also visit our website for more info as i have written things related with this issue. www.iaspaper.in
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